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Law360 Quotes Dianne Mehany on Concerns Countries May Use ICAP to Target Multinationals for Audit

June 4, 2018, Law360

ICAP (the International Compliance Assurance Program) is a forum for the U.S., Canada and six other countries — Australia, Italy, Japan, the Netherlands, Spain and the United Kingdom — to test ways to prevent double-taxation disputes by having tax administrators meet with multinational companies to identify risks beforehand and ensure conflicts are adjudicated properly.

. . .

At the 2018 OECD International Tax Conference on Monday, Dianne Mehany, a tax practitioner with Caplin & Drysdale, Chtd., expressed concern that although ICAP participation is voluntary, the program could be used by some countries to target multinationals for an audit. The sheer volume of data being generated by the country-by-country reporting raises questions about whether it can be interpreted accurately in a given jurisdiction, she said.

For the full article, please visit Law360’s website (subscription required).

Excerpt taken from the article “U.S. Sees Early Value In Global Tax Dispute Resolution Scheme” by Joseph Boris for Law360.

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